Описание курса
The course demonstrates that contrary to claims of some economists, money is not clearly and universally defined, and there is no consensus between economists as to the definition of money and its role in the economy. The students will learn how our ideas about evolution of money and its functions. They will study in details main assumptions of the quantity theory of money, and will understand for sure when more money means higher prices, and when this does not hold. The students will discuss theories of money by Wicksell and Marx, and will see how their views influenced those of Keynes and numerous modern schools of economic thought. The most important result of this course for the students is that they will understand how different approaches towards defining the most important function of money result in different views about possibility and desirability to pursue some sort of monetary policy.
Literature
- A Handbook of Alternative Monetary Economics. Eds.: M. Sawyer, Ph. Arestis. Cheltenham, UK; Northampton, MA, US: Edward Elgar, 2006.
- Davies G. A History of Money: From Ancient Times to the Present Day, 3rd ed. Cardiff: University of Wales Press, 2002.
- Gali J. Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework. Princeton University Press, 2008.
- Greenwald B., Stiglitz J. Towards a New Paradigm in Monetary Economics. Cambridge University Press, 2003.
- Handa J. Monetary Economics, 2nd ed. New York: Routledge, 2009.